JP Morgan is facing accusations that it hired the children of influential Chinese officials to help the investment bank win business in China.
An investigation has been launched by the Securities and Exchange Commission's anti-bribery unit in the United States, according to the Telegraph. A confidential American government document outlines details of the probe, according to reports in the US, allegedly showing that JP Morgan hired Tang Xiaoning, the son of Tang Shuangning, a former Chinese banking regulator. Mr Tang Shuangning is now the chairman of the China Everbright Group, a state-controlled financial conglomerate. After his son joined JP Morgan, the investment bank won several key deals from the Chinese corporation,...
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